There's an open-source Reddit client out there, if yc provided some kind of API (you don't want to do page scraping on the iphone) it would probably be pretty easy to adapt it.
i wonder if someone will replicate the old reddit using reddit's api. i mean, there are full featured mobile clients, i wonder if the api licensing would allow it.
To add to the other replies: reddit's open source as well[0] and reasonably straightforward to set up (at least using their Ubuntu installer). Not your question, I know, but thought I'd add for completeness.
Not to worry, you can still search google/etc., which scrapes Reddit, or Reddit itself through its native search. No need to use an API explicitly to access content like that.
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